British Columbia-based hemp cultivation company Global Hemp Group (CSE: GHG) (FRANKFURT: GHG) (OTC: GBHPF) this morning announced that the company, together with its partner Marijuana Company of America (OTC: MCOA), has acquired a 109-acre agricultural property for the cultivation of high CBD yielding hemp for the approaching 2018 growing season. The Scio, Oregon property contains a high level of organic matter in the soil, ideal for hemp cultivation, and has a history of hemp cultivation over the last two growing seasons. The companies acquired the property for US $1.1 million, which is comprised of a cash down payment of $130,000 and the issuance of 2,100,000 common shares of Global Hemp Group valued at $275,000, to be delivered within 15 days of closing. Each company contributed half of the down payment and MCOA is also contributing a cash payment of $137,500, equal to one-half of the value of GHG’s stock consideration, that will be paid from the profits produced from the project during the first year of operations.
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About Marijuana Company of America, Inc.
MCOA is a corporation which participates in: (1) product research and development of legal hemp-based consumer products under the brand name “hempSMART™”, that targets general health and well-being; (2) an affiliate marketing program to promote and sell its legal hemp-based consumer products containing CBD; (3) leasing of real property to separate business entities engaged in the growth and sale of cannabis in those states and jurisdictions where cannabis has been legalized and properly regulated for medicinal and recreations use; and, (4) the expansion of its business into ancillary areas of the legalized cannabis and hemp industry, as the legalized markets and opportunities in this segment mature and develop. For more information, visit the company’s website at www.MarijuanaCompanyofAmerica.com.
About Global Hemp Group Inc.
Global Hemp Group (“GHG”) is a publicly traded company founded in 2014, headquartered in British Columbia, Canada with base operations in Montreal and Los Angeles. The Company is focused on the cultivation of hemp and the extraction of cannabinoids, and collaboration with companies that will enable GHG to develop and implement the Hemp Agro-Industrial Zone (HAIZ) concept. Through partnerships, joint ventures and acquisitions, the Company will capture cash flow, revenues and value, and establish a greater collective valuation. For more information, visit the company’s website at www.GlobalHempGroup.com.
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